Australia and the United States, respectively the world’s second and third largest LNG producers, have agreed along with major natural gas buyers to reduce methane emissions and leaks across the export value chain. The two major liquefied natural gas producers and representatives from the European Commission (EC), Japan and South Korea signed a joint statement…
Australia
Articles from Australia
Cheniere Inks 0.4 MMty Deal with South Korean Utility for Sabine Pass Expansion
Cheniere Energy Inc. has signed a long-term sales and purchasing agreement with Korea Southern Power Co. Ltd (KOSPO) that could eventually help underpin its proposed expansion of Sabine Pass LNG. Earlier in the month, Cheniere management told investors during a first quarter call it had secured a more than 20-year deal with an Asian customer…
LNG Market Shifting Attention to Summer as Demand Remains Weak Across Asia, Europe – LNG Recap
The LNG market was again muted as the week got underway with hotter weather and restocking demand still in the offing. In Europe, the prompt Title Transfer Facility (TTF) gained just a penny in a quiet day of trading amid labor holidays across the continent. The June contract gave up 4% last week to finish…
Chevron CEO Warns Punitive Penalties for Excess Oil, Gas Profits May Discourage Investment
Any attempts by California to penalize oil and natural gas producers for what state leaders may consider to be excess profits will likely backfire, Chevron Corp. CEO Mike Wirth said Friday. During the first quarter conference call, Wirth was asked about a rulemaking process underway in the company’s home state. Spearheaded by Democratic Gov. Gavin…
China’s Sinopec Takes Equity Stake in QatarEnergy’s North Field East LNG Project
China Petroleum and Chemical Corp., aka Sinopec, has agreed to take a stake in QatarEnergy’s North Field East (NFE) LNG expansion project, the first equity deal between a Chinese state-owned firm and the major natural gas exporter. Sinopec negotiated a 5% stake in one of the four 8 million metric ton/year (mmty) capacity trains outlined…
Shell Forecasting Higher Production in 1Q as LNG Volumes Ramp in Australia
The return of LNG volumes in Australia, as well as stable natural gas and oil trading, should boost Shell plc’s results in the first quarter, the integrated major said. Liquefied natural gas volumes are forecast to climb to 7.0-7.4 million metric tons (MT) in 1Q2023 from 6.8 MT in 4Q2022. Shell, in a preview of…
ConocoPhillips Could Take Over APLNG Upstream if Brookfield, EIG Acquire Origin Energy
A consortium of investment groups is planning to acquire Origin Energy Ltd., Australia’s largest integrated utility, in a deal that could make ConocoPhillips upstream operator of the natural gas fields that feed the Australia Pacific LNG (APLNG) facility. Brookfield Renewable Partners LP and U.S.-based institutional energy investor EIG reached an agreement with Origin’s board to…
Australia’s Energy Market Operator Warns of Possible Cargo Diversions for LNG Exporters
Exporters of LNG from Australia’s eastern coast could be required to divert spot cargoes for the domestic market this winter as the country’s energy market operator forecasts increased peak demand and greater future supply uncertainty. The Australian Energy Market Operator (AEMO) recently published an updated outlook of the country’s domestic supply risks and the potential…
Global Natural Gas Prices Keep Falling as Demand Weakens, Banking Crisis Weighs on Markets – LNG Recap
Global natural gas prices continued falling Monday, picking up where they left off last week amid warmer weather, ample supplies and turmoil in the banking sector that has weighed on commodities. In Europe, the May Title Transfer Facility (TTF) contract fell 13% last week. It gave up another 8% on Monday and closed at its…
Australia Natural Gas Producers Balk as East Coast LNG Export Diversion Seen Possible
Australian LNG producers are concerned about diverting exports to meet natural gas shortages in the country’s east coast market under recently proposed changes to the Australian Domestic Gas Security Mechanism (ADGSM). The latest changes to the ADSGM would allow the federal government to activate the mechanism and impose liquefied natural gas export restrictions more frequently.…